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The Enforcement Directorate (ED) has arrested Vijay Choudhary, promoter of Zoom Developers, in connection with a bank loan fraud case to the tune of Rs 2,650 crore under the Prevention of Money Laundering Act (PMLA).
Zoom Developers is one among the top wilful defaulters in the country that owes about Rs 3,000 crore to at least 26 banks. Choudhary is charged with money laundering through various shell companies abroad.
According to the ED, Choudhary formed five companies in the UK and Switzerland. These five firms entered into contracts with Zoom Developers for so called engineering purpose. Based on the contracts, the company
